Lokpobiri says Nigeria’s oil production now 1.8m bpd, insists 2m doable in 2025

Heineken Lokpobiri, minister of state for petroleum resources (oil), says Nigeria’s oil production has increased from about 1 million barrels per day (bpd) to 1.8 million bpd since he took office.

Speaking at the 2025 Heirs Energies’s petroleum industry leadership forum on Thursday in Abuja, Lokpobiri expressed confidence that the country can meet its 2025 budget target of 2.06 million bpd.

The 2025 budget framework is based on key economic projections, including an oil price benchmark of $75 per barrel, daily oil production of 2.06 million bpd, and an exchange rate of N1,400/$.

Speaking on the parameters at the event, Lokpobiri insisted that the production target is achievable, given the investments made in the industry since he took office.

“When I became minister, we were producing about 1 million barrels per day. Today, we are at about 1.8 million barrels,” he said.

“The 2025 budget is predicated on 2.06 million bpd, and I want to assure Nigerians that this is doable.

“For over a decade, there was little to no investment in the sector. But when we came in, we changed the perception about Nigeria, and investors are now returning.

“We have also enhanced security in the Niger Delta. I must commend our military, paramilitary forces, and civilian contractors.

“Their combined efforts have led to a reduction in pipeline vandalism, oil theft, and other infractions—resulting in increased production.”

Lokpobiri also highlighted technological advancements as a key factor in boosting efficiency and reducing corruption in the industry.

“Previously, operations were handled manually, making real-time monitoring difficult,” he said.

“Now, we have deployed technologies to track activities at our terminals, ensuring transparency and curbing inefficiencies.”

The minister said President Bola Tinubu’s administration provided strategic leadership in the oil and gas industry, noting that reforms have helped to eliminate bureaucratic bottlenecks.

On February 13, the Organisation of the Petroleum Exporting Countries (OPEC) said Nigeria’s average daily crude oil production increased significantly to 1.53 million barrels per day (bpd) in January.

The country, for the first time, met the global oil cartel’s production quota of 1.5 million bpd since it was set — for the 2024 period — at OPEC’s ministerial meeting on November 30, 2023.

In December 2024, the quota was extended to 2026 as Nigeria produced below the quota for over a year.